Kmart raps Chapter 11 talk

Published on October 17, 1995.

Kmart Corp., Troy, Mich., called published speculation about a Chapter 11 filing "inaccurate and misleading," saying its financial position is solid. The statement released by the retailer is in response to a report in Monday's The Wall Street Journal which quoted some analysts as saying Kmart should consider filing Chapter 11 as a more efficient means to make drastic changes such as more store closings. Kmart said that its balance sheet was strong and it has raised $3.5 billion with the sale of its specialty stores in past 18 months.